Padlock Partners UK Fund IV (the “Trust”) announced today that it has completed its initial public offering of trust units (the “Offering”). Pursuant to the Offering, the Trust issued an aggregate of approximately £26.4 million of trust units, comprised of 2,541,920 Class A Units, 1,617,250 Class F Units and 209,400 Class U Units of the Trust at a price of £5.84 per Class A Unit and Class F Unit and £10.00 per Class U Unit.

The trust units were offered to the public through a syndicate of agents led by CIBC World Markets Inc. and which included Richardson Wealth Limited, Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and iA Private Wealth Inc. (collectively, the “Agents”).

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of income producing commercial real estate properties in the United Kingdom with a focus on self-storage properties.

The Trust is currently in the process of indirectly acquiring one existing self-storage property and two redevelopment properties, each located in the United Kingdom, and expects to close on the acquisitions of such properties on or before July 31, 2023.

The balance of the net proceeds of the Offering will be used for capital expenditures on the three to-be-acquired properties (including to redevelop the redevelopment properties) and to subsequently acquire one or more additional properties in the United Kingdom, consistent with the Trust’s investment objectives to, among other things, provide unitholders with an opportunity to invest in a portfolio of income-producing commercial real estate properties in the United Kingdom, with a particular focus on self-storage properties.